Britain joins international backlash against US President Joe Biden's huge pack

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International Trade Secretary Kemi Badenoch has been revealed to have written to her US counterpart, Katherine Tai, to complain about the structure of Washington's Inflation Reduction Act (IRA).

As part of the huge economic package, which was signed into law in August, Mr Biden has committed $369 billion to energy security and climate change programmes over the next ten years.

This includes tax incentives, grants and loan guarantees, but the legislation has prompted anger among other countries.

The EU and South Korea have both claimed the IRA package could breach World Trade Organisation rules and unfairly disadvantage their companies against US rivals.

Ms Badenoch has now added Britain to the list of countries expressing concern about the global impact of Mr Biden's actions.

International Trade Secretary Kemi Badenoch has been revealed to have complained about the structure of Washington's Inflation Reduction Act (IRA)

International Trade Secretary Kemi Badenoch has been revealed to have complained about the structure of Washington's Inflation Reduction Act (IRA)
US President Joe Biden signed the $369billion package of green subsidies into law in August, but has been hit by an international backlash

US President Joe Biden signed the $369billion package of green subsidies into law in August, but has been hit by an international backlash
In her letter to Ms Tai, seen by the Financial Times, Ms Badenoch claimed the US plan would 'harm multiple economies across the world and impact global supply chains in batteries, electric vehicles and wider renewables'.

Much of the international concern at the impact of the IRA has focused on a provision to restrict a $7,500 tax break for electric vehicle purchases to those assembled in North America.

This was partly aimed at weaning the US off batteries produced in China, but has left those countries without a free trade agreement with America - such as the EU and UK - concerned.

The EU is already demanding tweaks to the package to copy the exemptions already granted to both Canada and Mexico, with Brussels' officials in discussion with US counterparts.

https://www.dailymail.co.uk/news/ar...-Joe-Bidens-huge-package-green-subsidies.html
 
Primavera said:
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Note to all the race hustlers, Kemi Badenoch is a black British woman who is immensely capable and I fully expect to become prime minister in the future.

https://www.gov.uk/government/people/kemi-badenoch
Click to expand...


Brexit Britain has everything to play for in the coming year and this good news should turbocharge Kemi Badenoch, Secretary of State for International Trade, as she sells Britain around the world and looks for ever more ambitious trade deals.

Figures released by the Food and Drink Federation earlier this month paint a positive picture of British trade in the third quarter of this year. Favourite British products sold to the rest of world are whisky, up 38 per cent since 2021, chocolate up 13 per cent, cheese up 40 per cent, gin up 41 per cent and beef up 58 per cent.

Global destinations for our products are wider than ever. Exports to the UAE grew by 41 per cent revealing great potential for a preferential Gulf Cooperation Council trade deal that could energise this wealthy Middle Eastern market, reducing tariffs and red tape. Total exports to Gulf countries were worth £624.5million last year and have only grown further.

Another rich area for trade is the Far East with the UK selling more food and drink to South Korea, creating a positive trade balance of £121million, including whisky and other spirits, plus butter, cheese and fish, the latter enjoying an enormous 564 per cent leap. In Singapore they have a taste for English wine (up 24 per cent), gin (up 56 per cent) and plant-based meats (up 192 per cent).

BACKING BRITAIN: International Trade Minister Kemi Badenoch
BACKING BRITAIN: International Trade Minister Kemi Badenoch (Image: GETTY)
Exports to Malaysia more than doubled since pre-pandemic levels and they show a keen demand for our whisky, coffee, chocolate, cheese, and shellfish. Having recently ratified their membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Malaysia is just one of the dynamic nations we could increase trade with by also joining this megatrading area.

Bigger than the EU with 63 million more consumers, it is worth 13.4 per cent of the global GDP, some $13.5trillion, and includes nations from Canada to Peru, Japan and Mexico. And the beauty of joining this trading bloc is that there is no Brussels-like demand to align our government and laws with a European superstate or demands for millions of taxpayers' pounds to fund it.

In an update to Parliament last month, Kemi Badenoch announced that the Department for Trade "has made good progress" with CPTPP negotiations, saying: "Joining CPTPP will help UK businesses trade more easily across borders and will help keep critical supply chains open and predictable."

And it's not all doom and gloom with the EU either. Food and drink exports to Italy are up 42 per cent, France up 24 per cent, the Netherlands up 34 per cent, Germany up 27 per cent and Spain a whopping 51 per cent.
https://www.express.co.uk/comment/e.../brexit-food-drinks-kemi-badenoch-trade-deals
 
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